The Capital Markets Authority (CMA) has incorporated First Future Holdings Limited (FFHL) into its Regulatory Sandbox initiative to promote Fintech.
FFHL is set to trial a USSD-based platform for streamlined CDS account opening and trading on the Nairobi Securities Exchange, in partnership with Sterling Capital.
FFHL’s USSD platform streamlines account initiation by utilizing the Immigration Population Registration System (IPRS) and Kenya Revenue Authority (KRA).
Customers provide personal information, allowing FFHL to retrieve verified data from IPRS and KRA for CDS account setup.
FFHL, acting as Sterling Capital’s agent, manages crucial fields digitally and initiates electronic forms for account commencement.
Sterling Capital initiates verifications, leading to the establishment of a CDS account through the Central Depository and Settlement Corporation.
Sterling Capital manages customer orders using the USSD code and executes transactions under the FFHL agency relationship.
The planned innovation will undergo rigorous testing to ensure compliance with the Capital Markets Regulatory Sandbox Policy Guidance Note.
This bold step ushers in a new era of financial technology advancements and demonstrates FFHL’s commitment to transforming trading accessibility within the changing Fintech landscape while maintaining regulatory compliance.